The strategy call Waiting Game or War of Attrition is far more complex than what it would imply, that one is simply waiting I think this has to do with not only game theory, it was first modeled by evolutionary biologist to determine optimal outcomes between predator/pray wait time. When does the prey expose itself by a move vs when does the predator give up waiting on the prey to make the move, and go on to seek other prey. This is also a big part of the Nash Equilibrium theorem. (Beautiful Mind)
I am not smart enough to understand it, but it's interesting that there is an entire field of study devoted to this.
The strategy call Waiting Game or War of Attrition is far more complex than what it would imply, that one is simply waiting I think this has to do with not only game theory, it was first modeled by evolutionary biologist to determine optimal outcomes between predator/pray wait time. When does the prey expose itself by a move vs when does the predator give up waiting on the prey to make the move, and go on to seek other prey. This is also a big part of the Nash Equilibrium theorem. (Beautiful Mind)
I am not smart enough to understand it, but it's interesting that there is an entire field of study devoted to this.
Aspects of Waiting and Contracting in Game Theory